Africa’s expanding middle class gives businesses exciting new opportunities. But don’t make the mistake of thinking this is one homogenous market.
You’ll need to explore the cultural, economic and legal consequences of setting up a franchise for each country you’re interested in. To this end, connecting with individuals who have local knowledge is invaluable.
Before you set anything in motion, ask yourself:
- Have I established a strong presence in my home market?
- Do I have spare capacity across the board that can be redirected towards international expansion?
- Am I willing and able to devote sufficient financial resources to the effort?
- Am I willing and able to devote sufficient manpower to the effort?
- How long will it take me to become established and profitable in my target country?
- Do I understand the cultural differences?
- Do I understand the local legislation that, for example, could fail to offer adequate protection for my intellectual property?
- Are there any restrictive exchange and/or import controls?